Cheyenne Corporation uses special strapping guipment in its packaging business. The equipment was purchased in January 2019 for $1.20 million and had an estimated useful We of years with no real vain. In ently April 2020, o part costing 5770,000 and designed to increased the machinery's efficiency was added. The machine's estimated useful Wedd not change with the addition, by December 31, 2020, new technology had been introduced that would speed up the obsolescence of Cheyenne's equipment. Cheyenne controllerestimates that expected undiscounted future net cash flows on the current would be $5.17 milion, and that expected discounted future net cash flows on the equipment would be 51.76 milion. Fair value of the equipment at December 31, 2020, was estimated to be 54.99 milion Cheyenne tends to continue using the equipment, but estimates that its remaining weful life wnow four years. Cheyenne uses straight lee depreciation. Anuar that Cheyenne in a private company that fos ASPE Prepare the youmal entry to record se impartment at December 31, 2020, any. (Credit account bites are automatically indented when the amount is not to not intent may entry is required, select "No Entry for the account tities and enter o for the amount to decimal place 1/5) De C Actes and Explanation December, 2020 tons on gament W OFERT TOT INTO TEXT ar value of the new December 1, 2001, moted to 4. miden parean murnal entries for the ment at December 2001 (Creie com www do when the anticentered on intent manuallyWe entry is required electory for the account titles and for the count) Cele Aconds and December, 2020 Depreciation Cente Accumulated to Repeat part (D), uning ta on December 31, 2021. Cheyenne's management decides to dispose of the equipment. A December 2001, the winnende In February 2022. Cheyenne's management will meet to outline an active program to find a buyer ( Circles are atically rufented when the door manually. If netry is required select "No try for the condities and wer for the amounts) udy Deler Cro Date Account Tiles and Explanation December 31, 2021 MWINY OF ACCOUNTS LINK TO TEXT LINK TO TEMO LOTKI Massning that the donated the form of 1,2001, that when we countries are avaly in what it mall. I stedet for the end for the Accept December 31, 2021 Hapet (a) and (b), assuming wstead that Cheyenne is a poble company that prepares tancial statements in accordance with PRS (Credit accountries are alliated when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the accounts and enter for the amounts of answers to decimal place 3/5. Hecan! journal entries in the order presented in the problem.) ity Arun Titles and Explanation bit Credit (to record deprecationen) To record the recovery from LISTADOU Cheyenne Corporation uses special strapping guipment in its packaging business. The equipment was purchased in January 2019 for $1.20 million and had an estimated useful We of years with no real vain. In ently April 2020, o part costing 5770,000 and designed to increased the machinery's efficiency was added. The machine's estimated useful Wedd not change with the addition, by December 31, 2020, new technology had been introduced that would speed up the obsolescence of Cheyenne's equipment. Cheyenne controllerestimates that expected undiscounted future net cash flows on the current would be $5.17 milion, and that expected discounted future net cash flows on the equipment would be 51.76 milion. Fair value of the equipment at December 31, 2020, was estimated to be 54.99 milion Cheyenne tends to continue using the equipment, but estimates that its remaining weful life wnow four years. Cheyenne uses straight lee depreciation. Anuar that Cheyenne in a private company that fos ASPE Prepare the youmal entry to record se impartment at December 31, 2020, any. (Credit account bites are automatically indented when the amount is not to not intent may entry is required, select "No Entry for the account tities and enter o for the amount to decimal place 1/5) De C Actes and Explanation December, 2020 tons on gament W OFERT TOT INTO TEXT ar value of the new December 1, 2001, moted to 4. miden parean murnal entries for the ment at December 2001 (Creie com www do when the anticentered on intent manuallyWe entry is required electory for the account titles and for the count) Cele Aconds and December, 2020 Depreciation Cente Accumulated to Repeat part (D), uning ta on December 31, 2021. Cheyenne's management decides to dispose of the equipment. A December 2001, the winnende In February 2022. Cheyenne's management will meet to outline an active program to find a buyer ( Circles are atically rufented when the door manually. If netry is required select "No try for the condities and wer for the amounts) udy Deler Cro Date Account Tiles and Explanation December 31, 2021 MWINY OF ACCOUNTS LINK TO TEXT LINK TO TEMO LOTKI Massning that the donated the form of 1,2001, that when we countries are avaly in what it mall. I stedet for the end for the Accept December 31, 2021 Hapet (a) and (b), assuming wstead that Cheyenne is a poble company that prepares tancial statements in accordance with PRS (Credit accountries are alliated when the amount is entered. Do not indent manually. If no entry is required, select "No Entry for the accounts and enter for the amounts of answers to decimal place 3/5. Hecan! journal entries in the order presented in the problem.) ity Arun Titles and Explanation bit Credit (to record deprecationen) To record the recovery from LISTADOU